How To Select Best Credit Card

To buy any credit card people have to know few things about them and then go about purchasing them

. Though credit cards have various vital factors, some are very vital than others. While we all like to be rewarded for using the card, it should not be the only criteria for the buying decision. Instead here are some essential factors to look at when selecting a credit card. The factors are laid out below to select best credit card:

No Annual fee: The primary factor to be kept in mind is that the credit card should have no annual charges. There are a lot of good credit cards without any fee, so there is no reason for an individual to go and get a credit card which has an annual fee. While most banks offer entry level credit cards for free, these fees are still levied on the high end credit cards meant for businessmen. It makes the credit card expensive if the credit card payments are done perfectly at the month end. Thus it would be better to go for a credit card that does not charge annual fee.

No Renewal Charges: Yet another fee to be looked at in certain credit cards is restoration fee that has to be paid at the end of each year. So visibly this is anything but a credit card with an annual fee, but the annual fee has been put aside for the initial year.

Convenience to pay off your balance: Any individual receives a credit card from his or her bank then he or she will possibly be able to connect the credit card with the bank account and pay off the credit card bill online as it is very convenient. Thus it becomes easy on for the credit card holder to pay off the expenses will ensuring there are no delays due to cheque reaching late or the person being out of town or something else like that. Keeping no balance is an extremely good financial habit and everyone has to do all possible things to keep his or her credit card balance zero

Credit limit: If a person is shopaholic, he should select the credit card that offers him or her the highest credit limit which will put off the credit card from being discarded because of inadequate credit limit.

Cash limit: If an individual uses credit card to withdraw money from ATMs then he or she should forever take a watch at the cash extraction limit obtainable on the card.

Interest rate: If the credit card holder likes to hold unpaid balance each month, then always go for a card charging least interest rate, as high interest can very simply land the person in debt.

Acceptability: Though Visa and MasterCard are accepted across the world, Diners and American Express have limitations in acceptability.

Other charges and penalties: Other than fees and interest, keep in mind the bank also charges a person various other fees for issues like late payment, cheque bouncing, over limit etc. One must keep an eye on these fees, as they are very high.

by: Andy Smith

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